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‘File tax returns on time to avoid penalty’

‘File tax returns on time to avoid penalty’

LAHORE: The Federal Board of Revenue (FBR) has urged taxpayers to file their income tax returns until December 5 to avoid the penalties and legal proceedings.

A source in the Regional Tax Office told Customs Today that the last date for filing of the income tax returns would not be extended as it had been extended to the end of December last year. He added that all taxpayers should corporate with the department by filing their returns timely to avoid the penalties and legal proceedings.

According to a notification issued by the FBR, “After 5th December, 2014, non filers will be issued notices for levy of penalty. It may be noted that the minimum amount of penalty is Rs. 20,000. Default surcharge for late payment of tax will also be charged under section 205 of Income Tax Ordinance, 2001. It may also be noted that if the return is not filed by a taxpayer even by 5th December, 2014, penalty and default surcharge will be levied.”